The global cosmetics market is will reach USD 428 billion by the end of 2023, at CAGR of 4.1% for the forecast period. Cosmetics are used to alter the appearance of the face and make changes in the texture of the body. Cosmetic industries are mainly focusing to manufacture the products with natural ingredients. Cosmetics are the products which are only for external use. A mixture of different chemical compounds appropriately will improve the effectiveness of the products and will promote better outcomes. Overview of the cosmetics industry is to enhance sales by ensuring quality products.
Global Cosmetics Market – Growth Drivers, Challenges and Opportunities
- Growing prevalence to the beauty consciousness and trend to follow the latest fashions globally is a key driving factor for the market to grow. The increasing scale of makeup industries to manufacture effective products is also to propel the demand of the market to the extent. Rise in the disposable income in urbanized areas is accelerating the demand of the cosmetics market.
- However, fluctuations in the price of the raw materials in which the price of the final products are going high are quietly impeding the demand of the market. Lack of knowledge in the utilization of various products and increasing side effects with new products is to limit the demand of the cosmetics market.
- Cosmetic industry growth is increasing tremendously with the rising women population. An increasing number of online websites and people preference for online shopping is fueling the growth of the cosmetics market.
Skin and sun care products category is to have the largest shares of the market
Based on the category, the market is segmented into skin and sun care products, hair care products, deodorants, makeup and color cosmetics, fragrances and others. Skin and sun care category is witnessed to have the highest shares of the cosmetics market. Cosmetics industries statistics worldwide stated that these products are having the highest sales than any other products in recent times.
Online sales channel is accounted to lead the highest shares of the market
On the basis of the distribution channel, the market is divided into retail sales and online sales. Online sales segment growth rate is growing these days with the increased utilization of smartphones.
Women are gaining traction over cosmetics industry trends
Cosmetics market segmentation by gender is men and women. Women are expected to lead the highest shares of the market according to the beauty industry analysis. Increasing demand over organic skincare products and also rise in the sales through advertisements are magnifying the growth of the cosmetics market.
North America is ruling with dominant shares of the market
Geographically, the global cosmetics market is segmented into North America, Asia Pacific, Europe, Middle East, and Africa. North America is accounted in leading the highest shares of the market by owing to the acceptance of the latest technology and also launch of branded new products. Asia pacific is next to North America in leading largest shares of the market. An increasing number of women population is mainly lavishing the growth of the market in this region. Also, cosmetic marketing is playing the main role in bolstering the demand of the market. The cosmetic industry market shares in Europe is anticipated to have significant opportunities in the coming years. The rise in the economy and demand to natural-based products in cosmetics is escalating the demand of the market. The Middle East and Africa are holding a prominent growth rate in the global cosmetics market with the increase in the beauty industry growth rate. By industry analysis, the cosmetic market is to increase the shares by emerging latest technologies in the procedure of manufacturing the products. On-going research on the beauty industry market to evaluate size will influence the analysis of the cosmetic market in a simple way.
L’Oréal International, Avon Product Inc., Proctor and Gamble Company and Unilever PLC are few of the leading companies dominating the Global Cosmetics Market.
Scope of the report:
2018 – 2023
Market Size Available
2017 – 2023
Various Segments Analyzed
Category, Destruction Channel and Gender
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
L’Oréal International, Avon Product Inc., Proctor and Gamble Company, Unilever PLC, Oriflame Cosmetics S.A., Revlon, Inc., Kao Corporation
The Estee Lauder Company Inc., Skin Food
Shiseido Company, Limited